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<br /> <br /> <br />Fund Balance Policy was last updated in 2011 when the new GASB Standards took effect. <br />The Financial Planning and Analysis Committee (FPAC) is doing a review of all of our policies and has <br />recommended the following updates which are shown in the attached policy draft. The recommended <br />updates to the policy are to: <br />1.Update titles and add in language for the internal service funds which we did not have at that <br />time, and revision dates. <br />2.Change the language in item 3.a. under Policy Statements to have the Director of Finance and <br />Administrative Services transfer any amount that exceeds 50% of the final fund balance after the <br />audit number is known to the PIR Fund for the year. <br />Council discussed this item at a Special City Council Worksession on April 14, 2014 and made the <br />following changes to the FPAC recommendations: <br />1.Left the Finance Director title in the document vs. changing it to the Director of Finance and <br />Administrative Services as this is the same person right now. <br />2.Modified the language in item 3.a. under Policy Statement to have the Finance Director bring a <br />request back to the City Council for approval to transfer any amounts that exceed 50% of the final <br />fund balance after the audit number is know to the PIR Fund each year. <br />The changes to the policy from the previous policy adopted in 2011 are in red in the attached document. <br />Consider a motion to adopt the City of Arden Hills Fund Balance policy as presented. <br />Attachment A: Draft Fund Balance Policy <br />